EIB inaugurates Cairo office and reviews first 11 months of FEMIP activity
European Investment Bank (EIB) President Philippe Maystadt and Vice-President Philippe de Fontaine Vive held a series of discussions at the highest level with the Egyptian authorities and officially inaugurated the Bank’s regional office for the Near East in the presence of the Prime Minister, Atef Ebeid.
The talks will afford an opportunity to take stock of what the Facility for Euro-Mediterranean Investment and Partnership (FEMIP) has achieved in the 11 months since its launch in Barcelona on October 18, 2002.
“In 11 months, despite a very difficult environment, we have built up a substantial pipeline of loans, 60 percent of which are directly earmarked for financing private businesses – FEMIP’s priority objective,” said Maystadt. “This means that SMEs will receive more than €400 million in long-term and risk capital financing, while €740 million will go to larger firms.
Created to support modernization of the economies of the Mediterranean Partner Countries, in 11 months FEMIP has already provided more than €1.65 billion in new loans, with the volume set to reach €1.8 billion in 2003.
At the same time, FEMIP has placed emphasis on transport infrastructure projects underpinning private sector development in Morocco, Algeria, Egypt, Lebanon and Syria; power and water supply and distribution in Egypt, Morocco and Tunisia; improvement of health infrastructure in Syria and Tunisia; and remodeling of education systems in Jordan and Turkey.
Lastly, FEMIP has endeavored to assist populations stricken by natural disasters by making available or pledging €350 million for reconstruction after the earthquakes of 1999 in Turkey and May 2003 in Algeria. — (menareport.com)
© 2003 Mena Report (www.menareport.com)